Should I wait until the new tax year?

If you start a new business now you will not have to submit a tax return this April. Talk to an Accountant or HMRC.

UK

Losses are carried forward - get going.

The tax return has boxes specifically for a loss brought forward from earlier years.

Do it, keep full records and report the loss in 11/12 to be used in 12/13.

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1

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I shall assume that you intend to operate as a sole trader, rather than a company. I must further assume that 'buy things' is split between items for resale and overheads (computer, stationery, letterheads, marketing materials, transport and so on).

Without examining every possibility, I will outline a couple of points to consider. Far and away the most important tax and finance matter initially is your choice of year end. For individuals the tax year end is 5th April each year, whereas for companies it is 31st March.

It is much easier in the short to medium term for a sole trader to make up accounts to 5th April each year, this simplifies capital allowance calculations, overlapping of profits and so on.

For overhead expenditure, where there are no sales, this will create a loss for you to carry forward to the next financial year. In this case, your only downside would be the earlier impact on cashflow.

For expenditure on goods for resale, that remain unsold as at 5th April, these would remain in the balance sheet to be set off against sales revenue to which they relate in a future period. They would not enhance the loss to be carried forward since they are only deemed to be puchases (cost of goods sold) when there is sales revenue to set them off against (this is called the matching concept in accountancy).

Overall, it would only make a difference in cashflow terms, not in tax terms, since the loss would be carried forward. Trading income and other income are kept separate for computation purposes. If you think it possible that you may exceed the VAT registration limit, it may be worth applying for a VAT registration number earlier rather than later when you will be much busier. The question of whether to operate through a company is probably not one that needs to be contemplated at the moment. The administration is considerably more expensive at lower levels of activity and there is the issue of double economic taxation to consider when deriving income from the company in the form of dividends that has already been subjected to corporation tax.

If you start trading now, your first trading income assessment will be submitted to HMRC along with other self assessment matters in respect of the tax year 2011/12 on 31st January 2013 (assuming electronic submission). You will have nothing to pay for this year since you will have made a loss to carry forward. If you start trading on 6th April 2012, you self assessment for the year ending 5th April 2013 will be submitted on 31st January 2014 and you will pay tax on your trading profits.

It has been mentioned elsewhere - if it makes economic sense to commence now, perhaps because you wish to have communication infrastructure and other administrative issues in place sooner rather than later, then cashflow would be your only impediment.

No.

If you want to start your business now then start it now.

Whatever the reasons you don't let the tax tail wag the investment/business dog!